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Property News11 Jul 2018

Condo resale prices up 0.2% in June

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Data signals recovery, but volume falls 25.5% from May

Resale prices of non-landed homes rose last month but transaction numbers plunged, according to data out yesterday.

The positive numbers on pricing seem to indicate a market in steady recovery mode.

While values were up just 0.2 per cent from May to last month, they came in 10.6 per cent higher than in June last year, according to flash estimates by real estate portal SRX Proper

An index average of the second quarter shows that prices rose 3.8 per cent from the first three months of the year.

The core central region recorded a price rise of 0.1 per cent from May to last month, but values were up 10.9 per cent over June last year.

It was a similar story for the outside central region: Values inched up 0.4 per cent from May, but were a marked 11.6 per cent higher than in June last year.

And while the rest of central region prices were unchanged last month, they were still 9.4 per cent higher than in the same month last year.

Sales volume numbers were mixed. Resale volume last month fell 25.5 per cent to 1,128 units from the 1,514 shifted in May, but it was up 4.6 per cent from June last year.

However, transactions last month were 45 per cent below the monthly high of 2,050 units in April 2010.

Overall median Transaction Over X-Value (TOX) was positive $17,000 last month, a decrease of $1,000 from May. TOX measures how much a buyer is overpaying or underpaying on a property based on SRX Property's computer-generated market value.

Upper Bukit Timah and Ulu Pandan, both in District 21, posted the highest TOX among districts with more than 10 resale transactions, recording positive $70,000. This suggests that most buyers bought units above the computer-generated market value.

District 26's Upper Thomson and Springleaf posted the highest negative median TOX at $12,000 among relatively active districts. This suggests that most buyers purchased units below the computer-generated market value.

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Property News 19 July
Kentish Green up for collective sale at $230m
Kentish Green in Oxford Road has joined the bandwagon of developments here trying for a collective sale. The owners have set a reserve price of $230 million for the 59,143 sq ft site.
Property News 18 July
Heftier stamp duty a big setback for property sector: Redas chief

The imposition of heftier Additional Buyer's Stamp Duty on developers is "a big setback for the property market in Singapore", Real Estate Developers' Association of Singapore (Redas) president Augustine Tan said yesterday.

Referring to the Government's recent cooling measures, which included tightened Loan-To-Value (LTV) ratios, he said the changes have raised the cost of home ownership and cooled demand from investors and foreigners, while possibly eroding the confidence of developers, investors and buyers.

Property News 17 July
Private home sales slump adds to property gloom

These are testing times for property watchers given a sales dive last month, a likely spike this month as buyers rushed to beat the cooling measures, and hints of a slump as wary home-seekers weigh their options.

Last month's severe drop in transactions will draw the most attention: Developers sold just 654 private homes, 41.7 per cent lower than in May and 20.2 per cent below the same month last year.

Property News 16 July
New private home sales in June fall over 40% from May, down 20% year on year

SINGAPORE - Subdued sales in new residential launches in the month of June resulted in over 40 per cent fewer homes being sold by developers than a month ago.

Buyers took up 654 new private residential units in June, 41.7 per cent lower than a month ago and 20.2 per cent less than a year ago, according to according to preliminary data from the Urban Redevelopment Authority (URA) on Monday.

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